The case involves an application (IA (IBC)/1726/2024) filed by the Consortium of Ms. Karishma Jain, the Successful Resolution Applicant (SRA) of M/s. XL Energy Limited, seeking directions for the re-listing of the Corporate Debtor's (CD) shares. The Corporate Insolvency Resolution Process (CIRP) was initiated against XL Energy Limited following a Company Petition (CP (IB) No. 16/7/HDB/2023) filed by Invent Assets Securitisation and Reconstruction Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The CD's shares were delisted prior to the CIRP due to non-compliance with Securities and Exchange Board of India (SEBI) regulations. The Resolution Plan proposed by the SRA included the re-listing of the CD's shares, which
…The key facts are as follows: Invent Assets Securitisation and Reconstruction Private Limited initiated CIRP against XL Energy Limited under Section 7 of IBC. The NCLT admitted the CD into CIRP on 2023-03-27 and appointed Mr. Vijay Pitamber Lulla as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The Consortium of Ms. Karishma Jain emerged as the Successful Resolution Applicant (SRA) with 73.68% approval from the CoC. The RP filed IA (IBC) (Plan) No. 5 of 2024 under Section 31 of the IBC, seeking approval of the Resolution Plan, which was approved by the Authority on 2024-04-19. XL Energy Limited, the Corporate Debtor (CD), was a publicly listed company but had its equity shares compulsorily delisted for ten years due to
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The case involves an application (IA (IBC)/1726/2024) filed by the Consortium of Ms. Karishma Jain, the Successful Resolution Applicant (SRA) of M/s. XL Energy Limited, seeking directions for the re-listing of the Corporate Debtor's (CD) shares. The Corporate Insolvency Resolution Process (CIRP) was initiated against XL Energy Limited following a Company Petition (CP (IB) No. 16/7/HDB/2023) filed by Invent Assets Securitisation and Reconstruction Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The CD's shares were delisted prior to the CIRP due to non-compliance with Securities and Exchange Board of India (SEBI) regulations. The Resolution Plan proposed by the SRA included the re-listing of the CD's shares, which
…The key facts are as follows: Invent Assets Securitisation and Reconstruction Private Limited initiated CIRP against XL Energy Limited under Section 7 of IBC. The NCLT admitted the CD into CIRP on 2023-03-27 and appointed Mr. Vijay Pitamber Lulla as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The Consortium of Ms. Karishma Jain emerged as the Successful Resolution Applicant (SRA) with 73.68% approval from the CoC. The RP filed IA (IBC) (Plan) No. 5 of 2024 under Section 31 of the IBC, seeking approval of the Resolution Plan, which was approved by the Authority on 2024-04-19. XL Energy Limited, the Corporate Debtor (CD), was a publicly listed company but had its equity shares compulsorily delisted for ten years due to
…Equity shares of XL…
Trading in the equity shares of XL Energy…